HomeMy WebLinkAboutORD 3823 CITY OF RENTON, WASHINGTON
ORDINANCE NO. 3823
AN ORDINANCE OF THE CITY OF RENTON, WASHINGTON,
AMENDING ORDINANCE NO. 3815 BY EXTENDING THE
PERMISSIBLE TERM OF PAYMENT FOR THE ASSESSMENTS
,LEVIED THEREBY
WHEREAS the City of Renton did adopt Ordinance No . 3815
approving and confirming the assessments and assessment roll for
Local Improvement District No. 314, and providing for the payment
of such assessments into the Local Improvement District Fund, and
WHEREAS that Ordinance established the permissible term
of payment of the assessments at, 10 years , and
WHEREAS it is necessary and advisable to extend the term
of the payments to the permissible term of fifteen years , NOW THEREFORE
THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO
ORDAIN AS FOLLOWS :
SECTION I : The first sentence of Section III of Ordinance
No. 3815 is hereby amended to read as follows :
"That the assessment roll as approved and confirmed
shall be filed with the Director of Finance for
collection and said Director of Finance is hereby
authorized and directed to publish notice as
required by law, stating that said roll is in his
hands for collection and that payment of any
assessment thereon or any portion of said assessment
can be made at any time within thirty days from
date of first publication of said notice, without
penalty, interest or cost and that thereafter the
sum remaining unpaid may be paid in fifteen equal
annual installments with interest thereon fixed
at an estimated rate of 12% per annum, except that
if the net effective interest rate fixed on the
local improvement bonds hereafter issued for Local
Improvement District No . 314 is other than 11 1/2%
the interest rate on the unpaid assessments shall
be revised to a rate of 1/2 of 1% in excess of the
net effective interest rate on such bonds , such
rate to be fixed hereafter by ordinance. "
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SECTION II : All other portions and parts of Ordinance No .
3815 shall remain in full force and effect.
SECTION III : This Ordinance shall be effective upon its
passage, approval and five days after publication.
PASSED BY THE CITY COUNCIL this 9th day of July, 1984.
Kari yn J. e rpen, Deputy. City Clerk
APPROVED BY THE MAYOR this 9th day of, July, 1984.
Barbara Y. Shinpoch, Mayor
Approved as to form:
Lawrence J. W ren, City Attorney
Date of Publication: July 13, 1984